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India a safe harbour: Kamath

Describing India as a "safe harbour" for foreign investors, ICICI Bank Chairman KV Kamath said the country's infrastructure space alone would need $750 bn over the next three years, one-third of which would come from foreign and domestic institutions.

business Updated: Jun 07, 2009 19:33 IST

Describing India as a "safe harbour" for foreign investors, ICICI Bank Chairman KV Kamath on Sunday said the country's infrastructure space alone would need 750 billion dollars over the next three years, one-third of which would come from foreign and domestic institutions.

India has emerged as one of the few safe harbours globally after the recent global turmoil and overseas investors have started looking favourably at the country, Kamath told PTI in a telephonic interview from Kyoto, Japan.

"There is an admiration for the country that has grown respectably despite the global crisis ... There is a huge increase in confidence level ... Global fund houses are seeing India as a safe harbour, a favoured destination," he said.

Kamath noted that it was no mean feat as there were very few safe harbours across the world. "Brazil could be another and China may become the third ... There are no other major such economies," he added.

"Top of it, it is across-the-board growth here and the investors are seeing India as a growth story - from financial services to infrastructure to manufacturing to knowledge industry to services space," he said.